VMC to Build 4 High-rise Commercial Complexes.

In a bid to augment its revenues and bail itself out of financial crisis, the Vijayawada Municipal Corporation (VMC) is contemplating construction of four mega commercial complexes with an estimated outlay of Rs. 250 crore.

All the proposed commercial complexes will be high-rise buildings, setting a new trend in Vijayawada, which perhaps is an indication of the future developments in the new capital region of Andhra Pradesh.

The commercial complexes have been proposed at Lorry Centre in Bhavanipuram, at Rajagopal market, Besant Road and Brindhavan colony. 'We are contemplating to construct a 16-floor complex at Lorry Centre so that it can house various government departments, which are likely to shift from Hyderabad. Further it will be near the proposed Kanakadurga Flyover, providing a much easier access,' Vijayawada Mayor K Sridhar said.

The building proposed at Besant Road will be a 10-floor one, while those proposed in Rajagopal market and Brindhavan colony will be six and five floors respectively. VMC expects a revenue of Rs. 60 crore from the proposed commercial complexes. 'It will augment the revenues of the civic body. The market is viable as the minimum rent being paid for the commercial space in Vijayawada is between Rs. 35 and Rs. 40 per square foot per month,'Sridhar explained.

To finance the prestigious project, VMC is contemplating taking loans from banks and is in the process of holding talks with bankers.

It plans to complete the project in a year's time, once the banks agree to finance the project. The civic body at presents owns about 60 commercial complexes in the city.


THE NEW INDIAN EXPRESS